The ECB takes a baby step, but not a giant leap; still, the tide is starting to turn on monetary policy

The European Central Bank offered something for everyone Thursday. While policy was left unchanged, President Mario Draghi came across as a monetary dove with a hawkish tinge, signaling a change in thinking is under way.

The key for markets was Mr. Draghi pointing out that there was no longer a “sense of urgency” in taking further actions, and that the ECB had cut a pledge from its opening statement to use “all the instruments...